Cross-Border Real Estate Structuring: Doha, Istanbul and Madrid Compared

Real estate is local, but the investors are increasingly not. A structure that works well in Madrid may create unnecessary cost or regulatory friction in Doha or Istanbul.

In Qatar, foreign ownership is generally possible in designated investment zones and freehold areas, while other locations require specific approvals or a local participation. In Türkiye, foreign nationals and companies may acquire property, subject to military-zone and other restrictions. Spain is comparatively open, with registration and tax formalities driving the structure.

Holding vehicles matter. Investors commonly use a local company, a free-zone entity or a holding company in a treaty jurisdiction. The choice affects withholding tax on rents and disposals, access to double-tax relief and the ease of future exit.

Development adds a second layer: land acquisition, construction contracts, permitting and leasing. Each stage carries its own risk allocation, and the documents should be read together rather than in isolation.

We advise investors to model the full life cycle before committing. A short conversation about the intended use, financing and exit can save significant time later.